Current Mortgage Rates

Saturday, November 21, 2009



If you are interested in taking out a home equity loan, the application process will be similar to that of your mortgage application. First, look online for the best equity line rates and terms. Fill out online application forms with lenders you can trust.

Online lenders have tons of programs available to you'll get a lot of information back quickly. Make sure you complete your second mortgage application thoroughly though. If you aren't completely honest and thorough, you may not get accurate equity line mortgage quotes and you'll have wasted everyone's time. Before you submit your application, watch these factors that help your 2nd mortgage be a success:
  • The APR. don't take the first 2nd mortgage rate you see. Contact at least one bank, one credit union, and one dedicated mortgage lender about your 2nd mortgage.
  • Try to avoid 2nd mortgages with default penalties applied when you miss a payment or are late. We all think it won't happen to us, but a clerical error can become very expensive.
The interest rate on your 2nd mortgage could increase dramatically. In addition, the application process for a second mortgage loan is relatively painless, as lenders work with a simple formula to compute how much you can borrow, and the loan's rate and terms. Typically, your lender will perform a quick appraisal of the property and check your current credit standing and income status. Depending on the amount of equity you have invested in your home, you'll be offered a loan based on a percentage of the home's total value. Lenders have a fair amount of discretion when deciding how much they are willing to lend, so be sure to take advantage of online comparison services that provide multiple loan offers without obligating you to sign up.




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Current Mortgage Rates*

Loan Type
National Average
30-yr. fixed4.75%
30-yr. fixed jumbo5.25%
15-yr. fixed4.25%
15-yr. fixed jumbo4.75%
7/1 ARM4.38%
5/1 ARM4.00%
3/1 ARM4.00%
1-yr. ARM3.62%
1-yr. LIBOR ARM4.38%
10/1 ARM4.62%
*Mortgage Rates Updated: 11/20/2009